This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
An Ohio Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that allows the transfer of the overriding royalty interest (ORRIS) from one party to another in relation to a single lease in Ohio. This document provides detailed information regarding the terms and conditions under which such transfer takes place and specifies the proportionate reduction in the ORRIS. Keywords: Ohio, Assignment of Overriding Royalty Interest, Single Lease, Proportionate Reduction, Transfer, Legal Document There might be different types of Ohio Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction, which can be categorized based on the specific circumstances or agreements involved. Some of these types may include: 1. Transfer due to Ownership Change: This type of assignment occurs when there is a change in ownership of the royalty interest holder, and the assignor transfers their ORRIS to the assignee while ensuring a proportionate reduction in the ORRIS. 2. Transfer for Financial or Business Purposes: Sometimes, an ORRIS holder might decide to assign a portion of their interest to another party for financial or business reasons. In this case, the Ohio Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction outlines the details of the transfer and the corresponding reduction in ORRIS. 3. Assignment for Asset Consolidation: When multiple ORRIS holders wish to consolidate their interests, they can enter into an assignment agreement that involves a proportionate reduction in their respective Orris. This type of assignment ensures a streamlined ownership structure and simplifies administrative responsibilities. 4. Transfer in Exchange for Consideration: Assignments of overriding royalty interests can also occur when the assignee provides some form of consideration or value in exchange for a proportionate reduction in the ORRIS. These types of assignments involve negotiations and agreements on the consideration provided. Regardless of the specific type, an Ohio Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction ensures transparency and clarity in the transfer process. It determines the legal rights and obligations of the assignor and assignee, including any limitations or restrictions placed on the transferred ORRIS. This document also serves as evidence of the assignment and helps maintain accurate records of ownership changes. In conclusion, an Ohio Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a crucial document for transferring ORRIS in relation to a single lease. It provides a detailed description of the transfer, including any specific terms or conditions agreed upon by the parties involved. By understanding the various types of assignments, individuals can ensure compliance with the applicable laws and protect their interests while transferring ORRIS in Ohio.
